Technical analysis by DollarsMagnet about Symbol BTC: Sell recommendation (5/6/2025)

Bitcoin (BTC/USD) has broken down from its ascending channel structure and is now trading below the 200 EMA, indicating a shift toward bearish momentum. After multiple failed attempts to reclaim higher levels, BTC has now breached a strong support zone around $93,660. This breakdown opens the path for further downside pressure. Price action suggests that a minor consolidation or pullback might occur around the $92,992 level before continuing its descent. If sellers maintain control, BTC could head towards the next key support zones near $88,419, $86,791, and ultimately $84,157. As long as Bitcoin remains below $94,800, the bearish bias is intact. Watch closely for potential short setups.Like, comment, and follow DollarsMagnet for more technical insights!BTCUSD Trade Update:- BTC initially took support at a strong support level and retraced within an ascending channel.- Now, strong bearish candles are forming, indicating increasing selling pressure.- Our first trading zone is created around the current price action, near the ascending channel support.- A confirmed selling zone will be established after a clear breakdown below the support level.- Watch for volume confirmation and follow-through candles to validate the breakout before entering short positions.